Oil Prices Drive Russian Currency A Bit Low

The ruble dropped as much as 1.1 percent to 33.83 per dollar, the weakest since March 19, and is down 13 percent this year. The price of New York crude dropped from a four-month high, falling 2.2 percent to $52.82 a barrel.

Also Russian Finance Minister Alexei Kudrin cast doubts on the outlook for investor sentiment, saying any improvements in the markets were "temporary" and a correction will follow.

"Kudrin's comments just added fuel to the fire, so we're seeing a transition back into dollars and euros as a safe haven," Vladimir Tikhomirov, chief economist at UralSib Financial Corp. commented.